Tax & Structuring

Legislation giving effect to the government’s revised settings for the Stage 3 tax cuts has been passed by both houses of Parliament with the support of the Coalition. The Stage 3 tax cut changes: Reduce the 19% tax rate to 16% for incomes between $18,200 and $45,000. Reduce the 32.5% tax rate to 30% for [...]

What happens if your property is damaged from the results of a natural disaster, or by tenants? Such a situation can affect the types of expenses you claim and the income you need to declare for your rental property. Declaring income If you receive a payout for damage to your rental property as a result [...]

Many people gift assets to their family or friends to give them a helping hand. However, care must be taken to ensure any gifting does not impact your current or future social security entitlements, such as the age pension. What are the gifting rules? For Centrelink purposes, gifting refers to selling or transferring income or [...]

Most people look forward to retirement as it is a chance to finally take time to relax, enjoy life, and do things they never had time for when they were working. But sometimes things change and some people feel the urge to return to work. If a return to work is inevitable, it is important [...]

Have you reached preservation age and still have a mortgage? If so, you may be able to use your super to deal with your rising mortgage repayments if you meet certain conditions. Introduction The constant increase in interest rates over the last two years has left some borrowers strapped for cash. Fortunately, those who have [...]

Collectables Capital gains tax does not just apply to “big ticket” items such as real estate, farms and shareholdings. It also applies to a special class of assets known as “personal use assets” and, in particular, those personal use assets known as “collectables”. “Collectables” are specifically defined under the tax law to mean the following [...]